Bank of Montreal shakes up senior management team

Matt Scuffham

2 Min Read

A Bank of Montreal (BMO) sign is seen outside of a branch in Ottawa, Ontario, Canada, August 23, 2016. REUTERS/Chris Wattie

TORONTO (Reuters) - Bank of Montreal (BMO.TO) announced changes to its senior management team with Darryl White appointed chief operating officer, succeeding Frank Techar, whose new role will focus on building the company’s presence in the U.S. Midwest.

White, who has been with BMO for 22 years, most recently served as group head of BMO Capital Markets. In his new post, he will lead the bank’s personal, commercial and wealth businesses,

BMO said Techar will become vice-chair, BMO Financial Group, charged with accelerating growth, particularly in the U.S. Midwest, a centerpiece of its expansion plans.

BMO Chairman Robert Pritchard said the changes had been made to ensure the right people were in place to tackle a “full agenda”. The bank is seeking to grow in key markets like the United States.

“We take confidence in the continuity of leaders in key roles as we develop and challenge the next generation with the right assignments at the right time,” he said.

BMO also said that Patrick Cronin has been appointed group head, BMO Capital Markets, succeeding White. Cronin is currently chief operating officer of BMO Capital Markets.

Other changes will see Gilles Ouellette, the current group head, BMO Wealth Management, appointed group head, BMO Asset Management and Joanna Rotenberg appointed group head, BMO Wealth Management.

The changes will take effect on Nov. 1.

(The story was refiled to correct paragraph 3 to say Techar is appointed vice-chair, BMO Financial Group, but will not be a vice-chair of Bank of Montreal’s main board.)